Transaction value analysis 2012-2021

Published: , Data and research

We would like to present to you Invest Europe's transaction value analysis capturing Venture Capital and Private Equity investments into European companies from 2012 to 2021.

Short sum up of the analysis you can find below and the full analysis in the attachment.

All Private Equity

  • Across all stages, a record amount of €286.4bn was invested in 2021: more than three times the amount of 2012. The 2021 total represented a 35% increase compared to €212.4bn invested in 2020.
  • Buyout transactions accounted for 65% of the total transaction value in 2021, whilst growth and venture investments represented 20% and 14% respectively.
  • The number of transactions remained high, with 9,213 taking place in 2021, representing a 5% increase compared to 2020.
  • Capital allocated to Information & Communication Technology (ICT), and to Biotech & healthcare has been increasing since 2016, reaching a new high in 2021 respectively €79.2bn and €45.9bn. During the last year, investments in the Energy & environment sector quadrupled, and those assigned to the Financial & insurance activities almost tripled.

Venture Capital

  • Transaction value for Venture Capital investments has constantly risen over the last 10 years, reaching a record of €39.8bn in 2021. Whilst the total equity amount invested increased, the average equity ratio per transaction has decreased since 2012: from 84% in 2012 to 66% in 2021.
  • The transaction value of Venture Capital investments larger than €15m has been increasing over the - decade: from €0.9bn in 2012, to €29.3bn in 2021.
  • In 2021, the value of venture investments into ICT (€18.2bn) represented 46% of the total, followed by Biotech & healthcare (€8.3bn), and by Consumer goods & services (€5.0bn). All European regions reached a record level in terms of Venture Capital investments in 2021.

Growth Capital

  • Growth Capital investments reached their highest transaction value level in 2021, with €57.4bn invested across Europe, after reaching a peak in 2019 at €27.4bn.
  • In 2021 and by sector, ICT accounted for 35% of the value and 27% of the number of transactions, followed in value by Biotech & healthcare (17%), and in number of transactions by Consumer goods & services (25%).
  • Growth transactions larger than €30m took an ever increasing share of the total number of transactions: from 4% of the total in 2017 to 16% in 2021. In terms of value, they represented 84% of the entire amount in 2021.

Buyout

  • Buyout transaction value has been increasing since 2016, reaching a record level of €184.8bn in 2021. The number of Buyout transactions raised again in 2021 (1,435), after a small drop in 2020 (1,130). The average equity* ratio within transactions slightly decreased (63%) with respect to 2020.
  • In 2021, Consumer goods & services (€41.3bn) took the greatest share of Buyout, with ICT (€37.9bn), Business products & services (€33.8bn), and Biotech & healthcare (€27.6bn) being the next closest.